Market Live: Sensex soars 400 points, Nifty above 10,650 led by bank, auto, metal stocks

All sectoral indices are trading in the green, with most gains seen in metals, infrastructure, banks and automobiles

Buzzing: Share price of Ashok Leyland jumped 3 percent intraday Wednesday after the company signed Memorandum of Understanding (MoU) with Israel's ELBlT Systems.

As part of this agreement, Ashok Leyland will provide High Mobility vehicles (HMV) for mounting Elbit Systems' artillery guns and systems.

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Financials rally: Shares of banks and non-banking financial companies (NBFCs) soared in trade after the government appointed a successor to Urjit Patel. The Centre on Tuesday announced the appointment of Shaktikanta Das, former finance secretary to lead the Reserve Bank of India (RBI).

Yes Bank, Kotak Mahindra Bank, IDFC Bank, Federal Bank, and Punjab National Bank, among others rose 1-4 percent. 

In the NBFC space, Indiabulls Housing Finance, HDFC and Bajaj Finance among others, too, rose up to 2 percent. 

Banks under PCA rise Banks such as Allahabad Bank, Oriental Bank of Commerce and United Bank of India, among others, are surging in trade today after Shaktikanta Das was chosen as the RBI Governor. 

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Yes, Bank surges Shares of Yes Bank traded around 3 percent higher ahead of its Board Meeting to name a successor to Rana Kapoor. 

Market opens It is a positive start for the market on Wednesday morning, as investors reacted to double news of Shaktikanta Das being appointed RBI governor as well as results to state elections in five states. 

The Sensex is up 128.23 points or 0.36% at 35278.24, while the Nifty is higher by 33.20 points or 0.31% at 10582.40. The market breadth is positive as 314 shares advanced, against a decline of 93 shares, while 12 shares were unchanged.

All sectoral indices are trading in the green, with most gains seen in metals, infrastructure, banks, and automobiles. 

Shares of Yes Bank and Sun Pharmaceuticals and Indiabulls Housing were the top gainers, while Coal India, ICICI Bank, and Dr Reddy's Laboratories lost the most. 

RUPEE OPENS The Indian rupee opened lower by 35 paise at 72.20 per dollar on Wednesday versus 71.85 yesterday.

Market at pre-open Equity benchmarks have begun higher in pre-opening trade, with the Nifty trading above 10,500.

The Sensex is up 113.60 points or 0.32% at 35263.61, and the Nifty up 60.70 points or 0.58% at 10549.20.

IPO UPDATE | China-based music streaming company Tencent Music Entertainment Group said it raised close to $1.1 billion in its US initial public offering (IPO) after pricing its shares at the bottom of its targeted range.

The music arm of gaming and social network giant Tencent Holdings Ltd priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.

The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations.

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 9 points or 0.08 percent. Nifty futures were trading around 10,591-level on the Singaporean Exchange.

US markets end mixed: The S&P 500 and the Dow closed marginally lower after volatile trading on Tuesday as investors swiveled their focus between China-U.S. trade talks, President Donald Trump's threat to shut down the U.S. government and political uncertainty in Britain.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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